February 1, 2024
NEW YORK, Feb. 1, 2024 – Advantage Capital, a leading impact investment firm, announced today the closing of a 10-year PTC transfer commitment with a subsidiary of Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, for its Hornet Solar project. The Hornet Solar project will be one of the first utility-scale solar projects to utilize the PTC and transfer provisions established by the Inflation Reduction Act (IRA).
With a capacity of 600 megawatts alternating current (MWac) of capacity, Hornet Solar will be one of the largest single-phase solar projects in the United States, covering 3,900 acres in Swisher County, Texas. The project is expected to reach full commercial operation in early 2025 and will generate enough clean energy to power 160,000 homes annually within the Electric Reliability Council of Texas (ERCOT) territory.
“Securing an upfront purchase commitment for the full 10-year stream of expected PTCs from Hornet Solar reflects Advantage Capital’s leadership in structuring innovative financing solutions for renewable energy projects,” said Tom Bitting, Principal at Advantage Capital. “We are proud to partner with Vesper Energy to amplify this positive impact of the Inflation Reduction Act, solidifying our collective dedication to ensuring a sustainable future.”
The project will monetize and leverage more than $500 million of PTCs via a 10-year financial commitment arranged by Advantage Capital.
“We are proud to have closed on this long-term PTC purchase commitment for our Hornet Solar project, in partnership with Advantage Capital,” said Vesper Energy’s Chief Financial Officer Robert Scheuermann. “Closing this transaction demonstrates the value of the Hornet Solar project and confidence that the renewable energy market has in Vesper as a developer.”
Nixon Peabody and Husch Blackwell served as counsel for Advantage Capital on the transaction.
To learn more about the Hornet Solar project, visit https://www.hornetsolartx.com/
###
About Advantage Capital
Advantage Capital works with renewable energy developers to expand community access to clean energy and invigorate local economies, providing tax-advantaged financing for high-impact renewable energy projects across the U.S. In recent years, the company has invested in over 100 non-residential projects (including C&I, community solar, and utility-scale) in addition to more than 10,000 residential rooftop systems throughout the U.S. and its territories. Since 1992, Advantage Capital has invested more than $4.2 billion in companies from a diverse array of industry sectors and has helped support more than 67,000 jobs. Learn more at advantagecap.com or via X (formerly Twitter) or LinkedIn.
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.
About Vesper Energy
Vesper Energy provides innovative solutions to today’s complex energy challenges. Headquartered in the greater Dallas area, Vesper Energy is comprised of professionals who have collectively delivered more than 10 GW of renewable energy projects globally. Today, Vesper Energy’s pipeline includes over 55 renewable energy and energy storage projects with a generating capacity of 17 GW; enough to power more than 2 million homes. Working with their customers, communities, and business partners, Vesper Energy develops, owns, and operates renewable energy projects across the United States.
Media Contacts
Advantage Capital
Joe Stosberg, Communications Manager
jstosberg@advantagecap.com
